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Cashfree Payments has introduced an industry-first capability of doing payouts and establishing a new benchmark for innovation within the market. With Cashfree Payments, you don’t have to go through the strenuous process of collecting your beneficiary’s bank account information to initiate a payout. You can now make payouts with just your beneficiary’s phone number. The suite of Payouts through Phone Number has three capabilities:
  • Using Phone Number and Beneficiary Name
  • Using Phone Number and last 4 digits of Credit Card
  • Using Phone Number and Beneficiary Bank
This empowers merchants to directly process payouts to end beneficiaries via their phone numbers. This will not only reduce the dependency on end-users to share details (account number/IFSC/VPA), but it will also make their onboarding/refund/disbursal journeys shorter and less complex leading to better conversion rates.

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Use cases

We designed these features to provide a solution for businesses that encounter challenges when collecting bank account information for several reasons, and these challenges often revolve around concerns related to privacy, security, and user trust.
  • Insurance companies
Insurance companies can use this feature to settle small claims with no overhead costs to collect beneficiary’s personally identifiable information (PII). Our feature checks the name of the beneficiary to ensure the payment reaches the respective individual.
  • E-commerce COD Refunds
E-commerce companies dealing with a large number of relatively lower-value transactions can incorporate this specific feature into their payment system. This leads to a more efficient and faster payment process and contributes to an overall improvement in Turnaround Time. This can specifically be used to
  • Rewards/Cashback Companies
Companies that include monetary rewards or cashbacks as prizes can benefit from this feature. They don’t have to collect the user’s bank account information to process payouts. You can provide a smooth experience for your players who have won prizes with our Payouts Through Phone Number feature.